Appliance makers see better environment in Europe
Here’s a rare slice of good news.
Appliance makers have some great insight into the economy because people buy big ticket items when they’re feeling good about their prospects. Shares of Electrolux rallied 10.6% on Friday after the company talked up its sales.
The good news is focused in Europe:
Overall demand for appliances in Western Europe grew 2% in the first quarter after falling 1% in 2013 as a whole, Electrolux said. The Swedish company said the recovery was “particularly” strong in Germany, Spain, Portugal, Italy and Poland, but demand in Britain and Switzerland declined.
Whirlpool sees roughly the same trend:
“The [European] market has stabilized and there is starting to be some good recovery in some of the key markets,” including Spain, Italy and France, Jeff Fettig, Whirlpool’s chief executive, said in an interview Friday.